Liberal economics

When it comes to economy, the oft-repeated mantra to the Third World is to liberalize their economies as a 'requirement' for development. Looking at the international development that has taken place in the last three decades, we mostly see the domination of capitalism. It has completely monopolized economic development and enforced its model of development upon the world. The IMF and World Bank have spread their capitalist-oriented ideas like a tsunami. These monetary institutions claim that industrialization, hand in hand with the diffusion of liberal economic ideas would positively transform the traditional economies. It has been argued that these influences would place poor countries on a path to development similar to the one taken by the western industrialized nations during the Industrial Revolution.